Group 1: Core Insights - The demand for liquor has reached a bottom, with a focus on restructuring the industry chain to be consumer-centric rather than manufacturer-centric [6][2] - The sales amount of liquor during the Mid-Autumn Festival is expected to decline by 25% year-on-year, with higher-priced products (above 100 yuan) seeing a 27% drop [2][6] - The liquor industry is anticipated to experience a recovery in demand post-clearance, with a potential double bottom in valuation and performance by 2025 [4][13] Group 2: Market Feedback - During the double festival period, liquor sales across various regions have decreased by approximately 20% year-on-year, although top brands have seen less decline in core products [3][8] - In the Nanjing market, the inventory levels remain low, with products priced between 100-300 yuan performing better than those priced between 300-600 yuan [9][10] - The overall atmosphere at the liquor exhibition was subdued, with a notable decrease in attendance compared to previous years, and a shift back to more basic product forms [11][4] Group 3: Consumer Trends - Consumers are increasingly seeking value and high-quality products, prompting liquor companies to adapt to these changing preferences [4][13] - The industry is witnessing a transformation where the focus is shifting towards health, convenience, and functionality in product offerings [4][13] - The trend of online sales is expected to grow significantly, with projections indicating that online sales could account for 30% of total sales within the next 3-5 years [8]